In an announcement on Wednesday, the financial institution mentioned that Kotak Mahindra Prime acquired Ford Credit score India’s mortgage portfolio of Rs 425 crore unfold throughout 16,000 prospects for an undisclosed sum.
Kotak Mahindra Financial institution’s scrip rose to a excessive of Rs 1,788 towards the earlier shut of Rs 1,763.10 on the BSE.
The deal comes three months after Kotak Mahindra Group’s acquisition of the automobile financing mortgage portfolio of Volkswagen Finance comprising passenger vehicles, two-wheelers and industrial automobiles, PTI reported.
Studies quoted Kotak Mahindra Prime’s managing director Vyomesh Kapasi saying that mentioned the deal needs to be seen as illustrative of the corporate’s goal to develop its automobile financing enterprise and have a robust presence on this area.
Ford Credit score has been in enterprise since 2015 and its prospects will transition to Kotak Prime in a deliberate method over the following few months as Ford Motor Firm exits India, the assertion learn.
In July-September, Kotak Mahindra Financial institution reported a 7 per cent year-on-year (YoY) fall in standalone internet revenue at Rs 2,032 crore in contrast with Rs 2,184 crore posted within the corresponding quarter final 12 months. On a sequential foundation, the determine grew 24 per cent over Rs 1,642 crore within the June 2021 quarter.
Internet curiosity revenue (NII) for the financial institution rose 3 per cent YoY in July-September to Rs 4,021 crore from Rs 3,897 crore in the identical quarter final 12 months. Internet curiosity margin (NIM) for the quarter got here in at 4.45 per cent.